PD Ports, the UK ports and logistics business that owns Teesport and Humber Ports, confirmed Friday that 100 percent of its equity has been acquired by Canadian-based Brookfield Asset Management.
The sale, which was completed Friday, was part of a broader transaction with Babcock & Brown Infrastructure in which Brookfield, as the cornerstone investor, led a recapitalization of the financially troubled Australian infrastructure fund.
Brookfield formed a new holding company Brookfield Ports (UK) Ltd to complete the purchase of PD Ports. BBI was the previous owner of PD Ports from early 2006 until today.
“As a result of the sale, PD Ports has a new financial structure, which will provide a stable platform to support our future growth and development,” said David Robinson, CEO of PD Ports.
The acquisition of PD Ports is Brookfield’s first venture into the port sector, which Sam Pollock, Brookfield’s senior managing partner for infrastructure, called “a key infrastructure sector with attractive investment characteristics aligned with our other businesses, including stable and predictable cash flows, high quality, long-life assets and a well-established customer base.”
PD Ports’ Teesport is one of the top three UK ports, with flows of containers, bulk traffic and finished cars.
Its Humber and Small Ports unit is the owner and operator of ports on the Humber estuary, Rivers Trent and Ouse, and at Medina Wharf on the Isle of Wight. Its services include ships’ agency, chartering and stevedoring services.
PD Logistics offers warehousing and distribution services at UK locations throughout the North East, Humberside and East Anglia, including at Felixstowe, the UK's largest container port.
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